Italy’s biggest oil company Eni SpA has been granted a 20% reduction in a European Union fine for colluding on prices of a synthetic rubber used to make diving equipment, shoe soles and condoms.
The EU General Court in Luxembourg reduced the company’s fine to EUR106.2 million from EUR132.2 million in a recent ruling. The legal reasoning was kept confidential at the parties’ request.
The European Commission, the EU’s antitrust watchdog, in December 2007 levied a total of EUR247.6 million on Eni and four competitors for carving up the market for chloroprene rubber, which is used to make latex rubber. The illegal cartel lasted from at least 1993 to 2002. Eni got the biggest fine for being a repeat offender. (RJA)